The era of cowboy capitalism has died, largely of self-inflicted wounds. Who knows what’s coming now? I do: A new era of tight business regulation and government intervention in the markets.

For now, and perhaps for many years, there will be no going back.

The Rubicon was crossed this weekend, when the deal was struck for a $700 billion federal takeover of the carcass of Wall Street.

At that moment, the conservative era in America, which began with Ronald Reagan’s election in 1980, ended. It did so not with a bang, but with a whimper — a cry of help from erstwhile Masters of the Universe who suddenly feared for their platinum-level lives.

Comments

I’m not so sure the finance sector tanking, and the proposed bailout isn’t going to do that. Though it would seem Mr. Fineman’s ability to accurately predict the immediate future would (in a fit of divine irony) qualifies him for a career in investment banking! 🙂